Weak ad income prompts Japan`s Nipon TV to sell pro soccer club

Tokyo (ANTARA News/Asia Pulse) - Nippon Television Network Corp. (TSE:9404) said Wednesday that it will give up management of the Tokyo Verdy, a Division 2 team in Japan's professional soccer league.

Nippon TV has agreed to sell its entire 99 per cent stake in NTV FC Co., the Verdy's operator, for an unknown sum at month's end. The buyer is an entity set up in July by individuals hailing from the developmental club of the team's predecessor.

While it costs about 4 billion yen a year to field the team, the club enerates only about 1 billion yen in annual revenue from such sources as advertisement and tickets, having relied on Nippon TV to cover the remainder.